Sands China posts net revenue of US$1.78bn for Q3

Net revenue was up 9.9 per cent in quarter-on-quarter terms.

Macau.- Sands China has shared its financial results for the third quarter of the year 2023. Net revenue was US$1.78bn, up from US$251m a year earlier and up 9.9 per cent when compared to the previous quarter.

The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) for the third quarter was US$631m, marking a 16.6 per cent increase from the US$541m recorded in the previous quarter.

The Venetian Macao generated net revenue of US$723m. Casino revenue was US$575m, compared to US$60m in the third quarter of 2023. The Venetian Macao’s adjusted property EBITDA was US$290m. The Londoner Macao generated net revenue of US$518m while casino revenue reached US$371m. Adjusted property EBITDA was US$167m. 

The company said: “The transformation to The Londoner Macao has created a world-class product that is a must-see for visitors to Macau. We will naturally have some construction disruption in 2024. We expect further EBITDA growth and margin expansion over time.”

The Parisian Macao generated net revenue of US$244m. Casino revenue was US$181m, compared to US$8m in the third quarter of 2023. The casino venue’s adjusted property EBITDA was US$81m.

Robert G. Goldstein, Sands China CEO and chairman said: “Our future growth in Macao is tethered to these powerful assets which have all the variables necessary to drive growth in the years ahead. Whether it’s rooms, gaming capacity, retail, entertainment or food and beverage, we have stellar assets. 

“There is speculation about the future growth of Macao. The relevant question is can the market grow to US$30bn, US$35bn, US$40bn gross gaming revenue and beyond? We are firm believers that it will. It may very will happen in a shorter timetable than anyone realizes. This underscores our confidence in the returns that will be generated by our capital investment programs in our portfolio. We are staunch believers in the growth of the Macao market in the near and long term.”

See also: Sands China loses market share to rivals in Macau, analysts say